Insider Selling: Archer Aviation Inc. (NYSE:ACHR) CTO Sells $450,000.00 in Stock

Archer Aviation Inc. (NYSE:ACHR) CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $9.00, for a total transaction of $450,000.00. Following the transaction, the chief technology officer now owns 1,120,360 shares of the company’s stock, valued at $10,083,240. This represents a 4.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Thomas Paul Muniz also recently made the following trade(s):

• On Wednesday, December 11th, Thomas Paul Muniz sold 438,428 shares of Archer Aviation stock. The shares were sold at an average price of $7.59, for a total transaction of $3,327,668.52.

Archer Aviation Stock Up 12.7 %

ACHR opened at $9.49 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The company has a market capitalization of $4.04 billion, a PE ratio of -7.19 and a beta of 3.19. The stock’s fifty day moving average is $5.48 and its 200-day moving average is $4.29. Archer Aviation Inc. has a one year low of $2.82 and a one year high of $10.58.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the previous year, the company posted ($0.19) EPS. On average, equities analysts predict that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC grew its position in Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after buying an additional 268,896 shares during the last quarter. HBK Investments L P bought a new stake in shares of Archer Aviation during the 3rd quarter worth $6,818,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Archer Aviation by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after acquiring an additional 94,430 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after purchasing an additional 254,460 shares during the period. Finally, Sora Investors LLC purchased a new stake in shares of Archer Aviation during the third quarter valued at $3,429,000. 59.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ACHR. Needham & Company LLC assumed coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target on the stock. Canaccord Genuity Group raised their target price on Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Deutsche Bank Aktiengesellschaft boosted their price target on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Cantor Fitzgerald raised their price target on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, HC Wainwright restated a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Monday, December 16th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Archer Aviation currently has a consensus rating of “Moderate Buy” and an average target price of $10.63.

About Archer Aviation

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.